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Side-by-side financial comparison of Air Products (APD) and Trane Technologies (TT). Click either name above to swap in a different company.
Trane Technologies is the larger business by last-quarter revenue ($5.1B vs $3.1B, roughly 1.7× Air Products). Air Products runs the higher net margin — 21.9% vs 11.5%, a 10.4% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.5%). Over the past eight quarters, Trane Technologies's revenue compounded faster (10.5% CAGR vs 2.9%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
Trane Technologies plc is an Irish domiciled company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was created after a series of mergers and spin-offs. In 2008, HVAC manufacturer Trane was acquired by Ingersoll Rand, a US industrial tools manufacturer. In 2020, the tools business was spun off as Ingersoll Rand and the remaining company was renamed Trane Technologies.
APD vs TT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.1B |
| Net Profit | $678.2M | $591.3M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 15.9% |
| Net Margin | 21.9% | 11.5% |
| Revenue YoY | 5.8% | 5.5% |
| Net Profit YoY | 9.8% | -2.2% |
| EPS (diluted) | $3.04 | $2.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.1B | $5.1B | ||
| Q3 25 | $3.2B | $5.7B | ||
| Q2 25 | $3.0B | $5.7B | ||
| Q1 25 | $2.9B | $4.7B | ||
| Q4 24 | $2.9B | $4.9B | ||
| Q3 24 | $3.2B | $5.4B | ||
| Q2 24 | $3.0B | $5.3B | ||
| Q1 24 | $2.9B | $4.2B |
| Q4 25 | $678.2M | $591.3M | ||
| Q3 25 | $4.9M | $847.6M | ||
| Q2 25 | $713.8M | $874.8M | ||
| Q1 25 | $-1.7B | $604.9M | ||
| Q4 24 | $617.4M | $604.3M | ||
| Q3 24 | $1.9B | $772.0M | ||
| Q2 24 | $696.6M | $755.3M | ||
| Q1 24 | $572.4M | $436.3M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 36.9% | ||
| Q2 25 | 32.5% | 37.6% | ||
| Q1 25 | 29.6% | 35.8% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | 36.3% | ||
| Q2 24 | 32.8% | 36.5% | ||
| Q1 24 | 32.0% | 34.6% |
| Q4 25 | 23.7% | 15.9% | ||
| Q3 25 | 0.5% | 20.3% | ||
| Q2 25 | 26.2% | 20.3% | ||
| Q1 25 | -79.8% | 17.5% | ||
| Q4 24 | 22.0% | 16.6% | ||
| Q3 24 | 76.1% | 18.8% | ||
| Q2 24 | 24.7% | 19.5% | ||
| Q1 24 | 21.7% | 15.0% |
| Q4 25 | 21.9% | 11.5% | ||
| Q3 25 | 0.2% | 14.8% | ||
| Q2 25 | 23.6% | 15.2% | ||
| Q1 25 | -59.3% | 12.9% | ||
| Q4 24 | 21.1% | 12.4% | ||
| Q3 24 | 61.2% | 14.2% | ||
| Q2 24 | 23.3% | 14.2% | ||
| Q1 24 | 19.5% | 10.3% |
| Q4 25 | $3.04 | $2.64 | ||
| Q3 25 | $0.03 | $3.78 | ||
| Q2 25 | $3.20 | $3.89 | ||
| Q1 25 | $-7.77 | $2.67 | ||
| Q4 24 | $2.77 | $2.65 | ||
| Q3 24 | $8.75 | $3.39 | ||
| Q2 24 | $3.13 | $3.30 | ||
| Q1 24 | $2.57 | $1.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $1.8B |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $15.4B | $8.6B |
| Total Assets | $41.2B | $21.4B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.4B | $8.6B | ||
| Q3 25 | $15.0B | $8.3B | ||
| Q2 25 | $15.5B | $7.8B | ||
| Q1 25 | $14.7B | $7.5B | ||
| Q4 24 | $16.7B | $7.5B | ||
| Q3 24 | $17.0B | $7.6B | ||
| Q2 24 | $15.1B | $6.9B | ||
| Q1 24 | $14.9B | $6.9B |
| Q4 25 | $41.2B | $21.4B | ||
| Q3 25 | $41.1B | $21.4B | ||
| Q2 25 | $41.7B | $21.0B | ||
| Q1 25 | $38.9B | $20.1B | ||
| Q4 24 | $40.0B | $20.1B | ||
| Q3 24 | $39.6B | $20.9B | ||
| Q2 24 | $37.0B | $20.2B | ||
| Q1 24 | $35.9B | $19.3B |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $900.7M | $1.2B |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | 1.96× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $1.2B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $855.8M | $692.1M | ||
| Q1 25 | $328.1M | $339.5M | ||
| Q4 24 | $811.7M | $899.9M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $1.3B | $695.9M | ||
| Q1 24 | $801.7M | $247.2M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $935.6M | ||
| Q2 25 | $-640.0M | $602.2M | ||
| Q1 25 | $-1.6B | $220.6M | ||
| Q4 24 | $-1.3B | $774.3M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $-345.2M | $623.0M | ||
| Q1 24 | $-867.7M | $163.4M |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 16.3% | ||
| Q2 25 | -21.2% | 10.5% | ||
| Q1 25 | -53.6% | 4.7% | ||
| Q4 24 | -44.5% | 15.9% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | -11.6% | 11.7% | ||
| Q1 24 | -29.6% | 3.9% |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 1.2% | ||
| Q2 25 | 49.5% | 1.6% | ||
| Q1 25 | 64.9% | 2.5% | ||
| Q4 24 | 72.2% | 2.6% | ||
| Q3 24 | 65.1% | 1.6% | ||
| Q2 24 | 53.8% | 1.4% | ||
| Q1 24 | 57.0% | 2.0% |
| Q4 25 | 1.33× | 1.96× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | 1.20× | 0.79× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | 1.31× | 1.49× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | 1.81× | 0.92× | ||
| Q1 24 | 1.40× | 0.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
TT
| Services | $2.8B | 55% |
| Other | $2.3B | 45% |
